Eric Luk

Hong Kong proposes IFRS-aligned sustainability reporting standards IFRS Foundation Hong Kong Institute of Certified Public Accountants (HKICPA) International Sustainability Standards Board (ISSB) Roy Leung Jingdong Hua #ESGreporting #sustainabilityreporting #climatereporting #reporting #hongkong

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Hong Kong's Stock Exchange (HKEX) adopts ISSB standards for climate-related disclosures. The new requirements, based on IFRS S2, aim for international alignment and investor appeal. Details: https://zurl.co/rdXj #ESG #Sustainability #IFRS #HKEX

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【ESG News】Global Trends Biweekly Newsletter Issue 12 (2024.7.15-2024.7.26) Hong Kong China ESG trends: HKSAR Government Launches HK$25 Billion Green Bond Offering Source: HKMA (https://lnkd.in/gcUcUH73) International ESG trends: ESMA Recommends Sustainability Disclosure Requirements for All Financial Products Source: ESG Today (https://lnkd.in/dMGTwFDR) UK Government Confirms 2% Sustainable Aviation Fuel Requirement Beginning 2025 Source: ESG Today (https://lnkd.in/dYKcE3Ct) Mainland China ESG trends: China plans low-carbon upgrades for coal power sector Source: Reuters (https://lnkd.in/gbGFmnpR.) Five departments issued the "Electrolytic Aluminum Industry Energy Saving and Carbon Reduction Special Action Plan" Source：Securities Times (https://lnkd.in/gd-pkubH) China sets green targets for data centers Source：Xinhua (https://lnkd.in/gQ2AgnZm) For our full newsletter, please visit: https://lnkd.in/gmXcd9va #ESG #ESGinvesting #sustainableinvesting #sustainablefinance #sustainability #green #ESGbonds

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FSDC supports the 2024 HKGFA Annual Forum, titled “Financing Asia’s Net Zero Transition”, examining the current progress in the region and explore ways to accelerate Asia’s sustainable finance transition. 🗓️ Date & Time: October 9, 2024 (Wednesday) 8:45 AM - 5:30 PM 📍  Location: Hong Kong Convention and Exhibition Centre/ Virtual 📢 Registration with 30% Early Bird Discount before September 19: https://lnkd.in/gGY76J4D Gain cutting-edge insights on key issues in green and sustainable finance, network with sector specialists, and discover the latest trends and opportunities in transition finance. 🌏 Key Topics: ●      Stock-take of regional progress towards Net-Zero ●      Advancing Climate Tech through strategic capital ●      Developing credible transition plans ●      Innovative transition financing solutions ●      Integration of carbon pricing and latest markets developments ●      Financing opportunities in natural capital and biodiversity View Full Agenda: https://lnkd.in/gAY_dN97 For inquiries, please contact [email protected] #2024HKGFAAF #greenfinance #sustainablefinance #netzero #transition #SBT #carbonpricing #financialsolutions #innovation #sustainability #climatech #ESG #sustainability #HK #GBA #Asia

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The Green and Sustainable Finance Cross-Agency Steering Group (CASG), co-chaired by Eddie Yue, Chief Executive of HKMA and Julia Leung, CEO of Securities and Futures Commission (SFC), held a meeting yesterday. The Steering Group, established in 2020 and consisting of financial regulators, the Exchange and government bureaux, co-ordinates cross-sectoral policies and efforts in promoting the development of green and sustainable finance in Hong Kong, with a recent focus on sustainability disclosures, technology adoption and transition finance. At the meeting, members discussed the key progress made and the next steps for adopting IFRS Sustainability Disclosure Standards in Hong Kong. This includes engaging stakeholders in sustainability disclosures and assurance, as well as introducing and fine-tuning several data and technology tools. Members also discussed developments on the Hong Kong Taxonomy for Sustainable Finance, green fintech, transition finance and carbon markets. The Steering Group will continue to make a concerted effort to accelerate the growth of green and sustainable finance in Hong Kong. #CASG #GreenFinance #SustainableFinance #HongKongGreenFintechMap #SustainabilityDisclosure #GreenFintech #TransitionFinance #technology #innovation

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【#MPFANews MPFA Managing Director interviewed by Now TV programme "Now Forum"】 #MPFA Managing Director Cheng Yan-chee attended an interview by Now TV programme "Now Forum"（大鳴大放）, in which he shared his insights on the recent #MPF performance, the MPFA's advice on MPF management, and the latest developments regarding the #eMPF Platform. Mr Cheng emphasized that the MPF is a long-term investment and will inevitably experience fluctuations during economic cycles. He advised scheme members not to be overly worried about short-term volatility. He introduced the "information pyramid", categorizing MPF investment information into three layers: generalized information, scheme and fund information, and personalized information. Mr Cheng suggested scheme members focusing more on the information in layers 2 and 3, which are more relevant to scheme members in making decisions about their MPF investments. Mr Cheng also provided an update on the eMPF Platform, saying that four MPF schemes so far have onboarded the Platform and the fifth one would be onboard at the end of October. He pointed out that the operation of the eMPF Platform had generally been smooth since its launch in June. 🎬View the full interview (in Chinese only): Part 1: https://lnkd.in/g379_h-8 Part 2: https://lnkd.in/gArZ8s-7 #MPFANews #MPFA #MPF #eMPF #NowTV #NowForum

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💡Hong Kong Green Finance Association (HKGFA) warmly welcomes the Chief Executive’s 2024 Policy Address 📣 The policy address articulates a bold vision for advancing Hong Kong’s position as a leading #green finance and green technology hub. HKGFA is pleased that several of our member-driven recommendations have been incorporated into the Policy Address. We stand ready to assist the HKSAR government in implementing the initiatives, support the implementation of #disclosure standards and the Hong Kong #taxonomy, promote innovation in #transition finance, and help facilitating regional dialogues on key topics such as connectivity of voluntary #carbon markets. 👉 Read more about the Policy Address and thoughts from Dr. Ma Jun (Hong Kong Green Finance Association (HKGFA) Chairman & President) https://lnkd.in/gAPRZxvs #greenfinance #sustainablefinance #sudtainability #greentech #VCM

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Hong Kong Aligns with Global Sustainability Standards 🌱 Hong Kong is aligning its sustainability reporting with global frameworks, with the HKICPA proposing standards that mirror the IFRS International Sustainability Standards Board (ISSB). Set to take effect in August 2025, these standards will cover general sustainability and climate-related disclosures for listed companies. This move enhances transparency and comparability, benefitting investors and businesses alike. Public consultation is open until October 27. #Sustainability #Regulations #GlobalStandards #ESG

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[AEC Group Supports HKMA's Launch of The Hong Kong Taxonomy for Sustainable Finance 👏🏻] AEC Group is proud to support the highly anticipated launch of The Hong Kong Taxonomy for Sustainable Finance, released by The Hong Kong Monetary Authority (HKMA) on May 3, 2024. This groundbreaking taxonomy aims to serve as a crucial tool for increasing awareness about green finance, fostering a shared understanding of green activities, facilitating the flow of green finance, and establishing a foundation for further applications to drive Hong Kong's transition into a low-carbon city. Financial institutions are also encouraged to leverage this taxonomy when evaluating the environmental impact of projects and assets, developing products, and making disclosures. Key highlights of the Hong Kong Taxonomy for Sustainable Finance: 📌 Encompasses 12 economic activities across four sectors, including power generation, transportation, construction, and water and waste management. 📌 Aligns with the Paris Agreement and provides clear definitions regarding the emissions intensity performance required of economic activities to keep global warming well below 2℃, ideally aiming for 1.5℃ 📌 Prevents greenwashing and clarifies what can be considered ‘green’ to ensure that claims of meeting this definition can be verified accordingly 📌 Interoperability with other taxonomies such as the Common Ground Taxonomy (CGT), the European Union (EU) Taxonomy, the Green Bond Endorsed Projects Catalogue, ASEAN Taxonomy and the Climate Bonds Taxonomy (CBT). 📌 Accomplished by categorizing activities in accordance with the International Standard Industrial Classification of All Economic Activities (ISIC) and Hong Kong Standard Industrial Classification (HSIC) codes. 📌 Designed to meet global decarbonization objectives under science-based criteria and thresholds to transition the global economy to net-zero emissions by 2050. 📌 Recognizes the importance of Do No Significant Harm (DNSH) and Minimum Social Safeguards (MSS) AEC Group is proud to support HKMA on this achievement! We provide professional consultancy services for local certification systems such as Beam Plus and Zero-Carbon-Ready Building Certification Scheme to help assess carbon footprint and optimize the sustainability of buildings and infrastructures in Hong Kong, which will go hand in hand with the newly published Hong Kong Taxonomy for Sustainable Finance to help drive the decarbonized built environment forward. 👉🏻 Get in touch with us NOW at [email protected] to learn more. Read the FULL version of The Hong Kong Taxonomy for Sustainable Finance:https://bit.ly/3JNgzvl 🌏Know more about AEC Group: https://lnkd.in/gjiUsffa   🏡Know more about【Green Finance & ESG 】Consultancy Service： https://lnkd.in/gDmEtDKG #AECGroup #HKMA #SustainableFinance #GreenInvestments #HongKongTaxonomy

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Mastern Investment Management has published its Sustainability Report, which provides an integrated view of its #ESG management activities and key achievements. 📢 📰 In this report, Mastern Investment Management has selected eight ESG material issues and presented strategies to achieve its goals. 💡 The eight material issues are green asset investment and management, healthy buildings and communities, maximizing shareholder value through integrated ESG disclosure, energy savings and efficiency management, an enterprise-wide ESG management system, greenhouse gas emissions management and reduction, climate risk response, and tenant and stakeholder safety and health management. 📝 #마스턴투자운용 https://lnkd.in/gk6TqQeD

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💡 Dr. Ma Jun, Chairman and President of Hong Kong Green Finance Association (HKGFA), was interviewed by TVB news on 15 May 2024. During the interview, Dr. Ma pointed out that huge investments are needed in high-carbon industries to achieve low-carbon and carbon-reduction #transition targets. Adding that during the transformation of various industries in the next thirty years, China’s #green and low-carbon financing demand will reach 487 trillion yuan, equivalent to 16 trillion yuan per year. Hong Kong is well-positioned to help channel #funding for green projects in mainland #China and seize the opportunities to become an international green tech and green finance hub. #greenfinance #greentech #carbonreduction #carbonneutrality #lowcarbon

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"South East Asian Private Credit - Trends, Opportunities, Future Outlook and Investment Strategies in Distressed Situations and Beyond", by David Chew (Partner, DHC Capital). Check out this new article published on the Singapore Global Restructuring Initiative (SGRI) Blog! #restructuring #insolvency #distressed #privatecredit #finance #investments #Asia https://lnkd.in/dPaCvJgr

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MPF Ratings today released its July MPF Performance Survey, pointing out that total MPF assets have reached a new record all-time high on the back of MPF’s 5th positive performance month this year. Aided by approximately $6.8bn in performance earnings in July, average MPF account balances are now approximately just under $260,000 at $259,900. The Nasdaq entered correction territory, a warning that MPF members have too much to lose if they get market timing wrong. Find out more here: https://lnkd.in/g5RNs35e #mpfratings #MPFScorecard #MPFHealthCheck #MPFFastMover #MPFRConsistentPerformers #MarketInsights #MPFMarketShare #MPFFundFlows #MPFNetReturns #MPFIndustry #pensionschemes #assetmanagement #investmentmanagement #mpf #investment #empf

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Earlier this month, the Hong Kong Monetary Authority (HKMA) published the Hong Kong Taxonomy for Sustainable Finance (HK Taxonomy). The Taxonomy aims to support informed decision making on green and sustainable investment and to facilitate relevant financial flows. The classification tool follows on from a previous consultation in May 2023, and feedback on earlier prototype versions. Much like the EU Taxonomy for Sustainable Activities, the HK Taxonomy provides a tool with which investors can better understand the definition of green products as well as reduce the risk of greenwashing. The Taxonomy currently covers 12 economic activities across 4 sectors: power generation, transportation, construction and water and waste management. This initial scope will be extended to include an increased number of sectors as well as transition activities, with the HKMA stressing the importance of working with stakeholders both globally and locally to further improve and refine their taxonomy. The HK Taxonomy is currently voluntary, but HKMA are encouraging banks and other financial sector actors to use it when labelling or assessing investments, as well as integrating it into their disclosure practices. This will work to provide a mode consistent definition of what constitutes a “green” investment. The inclusion of construction and real estate activities in the HK Taxonomy is significant. Not only is this one of the first international taxonomies to include real estate as an activity, but its publication provides greater clarity to investors in the region. Before, ambitious investors in the area were resigned to creating proxy measures of energy efficiency to attempt voluntary alignment with the EU Taxonomy in a bid to provide proof of sustainability credentials. The development of a regional Taxonomy for construction and renovation is warmly welcomed. For those located in Asia-Pacific and interested in understanding how your assets might align with the Hong Kong Taxonomy, please contact our team on [email protected] or contact Kemmu Kawai. https://lnkd.in/g-8md3NM #Sustainablefinance #HongKong

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[📣Calling for listco and corporates] Join us for the very timely seminar on 𝗡𝗮𝘃𝗶𝗴𝗮𝘁𝗶𝗻𝗴 𝘁𝗵𝗲 𝗙𝘂𝘁𝘂𝗿𝗲 𝗼𝗳 𝗖𝗹𝗶𝗺𝗮𝘁𝗲-𝗥𝗲𝗹𝗮𝘁𝗲𝗱 𝗗𝗶𝘀𝗰𝗹𝗼𝘀𝘂𝗿𝗲𝘀: 𝗣𝗿𝗲𝗽𝗮𝗿𝗶𝗻𝗴 𝗳𝗼𝗿 𝗜𝗦𝗦𝗕 𝗖𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲, co-hosted by Hong Kong Green Finance Association (HKGFA), 團結香港基金 Our Hong Kong Foundation, CDP on 13 May (Mon) at 3pm – 5pm. This seminar is organised by the HKGFA Sustainability related Dislcsures, Policy and Standards, Corporate workstream. In an era where the importance of climate accountability surpasses mere sustainability to emerge as a key financial concern for corporate entities, the HKGFA is set to organise a training session tailored to prepare #listedcompanies for the forthcoming International Sustainability Standards Board (ISSB)-aligned climate disclosure requirements mandated by HKEX. It will address the challenges related to enhancing #disclosure capabilities and #data accessibility, offering insightful and actionable #strategies to effectively overcome these barriers. Given the upcoming enforcement of climate-related disclosure requirements by HKEX in early 2025, this training emerges as a crucial resource for companies striving to synchronize their #reporting processes with the dynamic landscape of environmental accountability and regulatory compliance. The seminar is jointly presented by HKGFA and the Corporate Workstream Co-leaders Kenny Shui (團結香港基金 Our Hong Kong Foundation) and Ling Zhu (CDP). We are pleased to have invited Mr. Zhengwei Zhang, Special Advisor to the Chair of ISSB and Director of Beijing Office, IFRS Foundation to deliver a virtual sharing on ISSB Standards Overview, Adoption Progress Across Jurisdictions and the Latest Development. It will then be followed by a panel discussion featuring Kelly Lee (Hong Kong Exchanges and Clearing Limited (HKEX)), Yvonne Kam(PwC Mainland China and Hong Kong), Casey Ho (Shangri-La Group) and Grace Kwok (Allied Sustainability and Environmental Consultants Group Limited ) to discuss opportunities and challenges faced by listed companies and their strategies. Date: 13 May 2024 (Monday) Time: 3 pm – 5 pm Venue: 19/F Nan Fung Tower, 88 Connaught Road Central, Hong Kong Format: In person only 𝗪𝗵𝗼 𝘀𝗵𝗼𝘂𝗹𝗱 𝗮𝘁𝘁𝗲𝗻𝗱: Listed companies, corporates, sustainability market service providers, data and technology providers 𝗥𝗦𝗩𝗣: https://lnkd.in/exZgdjHh Please note: The organisers reserve the right to review all registration and may reach out if the registration is unsuccessful due to capacity limit for different types of audience and ensure relevancy. More event details: https://lnkd.in/eSTMdkbQ ** SFC licensed persons are eligible to claim SFC 1.5 CPT hours subject to employer approval.

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HKEX today published conclusions to its consultation on the enhancement of #climate-related disclosures under its #ESG framework. New climate requirements will align more closely with IFRS S2, to be effective in phases from the 2025 reporting year. We also published an implementation guide to assist issuers’ compliance with the requirements. Learn more: https://lnkd.in/gba3rEwY

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HKEX announcement is timely made ahead of Earth Day, to enhance issuers’ climate-related disclosures. To prepare ISSB, some simple steps would be helpful: 1. understand current situation e.g. carbon footprint and set baseline, 2. understand regulations in details 3. set targets, 4. report and communicate progress.

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The Hong Kong Institute of Certified Public Accountants (HKICPA) announced the publication of new exposure drafts with proposed sustainability-related and climate-related reporting standards for companies. Key Takeaways: ⭐ It fully aligns with the standards issued by the IFRS Foundation's International Sustainability Standards Board (ISSB). 🌏 HKICPA aims to align local sustainability reporting requirements with international standards. 💡 They plan to release a roadmap later this year outlining a pathway on sustainability reporting for businesses in Hong Kong. For more information on sustainability regulations in the Asia-Pacific, watch our recent Socialsuite webinar here: https://lnkd.in/geahfA8M #globalreporting #hongkong #sustainability #ifrs #issb #standardizedreporting #nonfinancialreporting #materiality #financialmateriality #doublemateriality #esg #sustainabilityroadmap

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